RICHMOND, Va. » Circuit City Stores Inc. filed for bankruptcy protection yesterday heading into the busy holiday season, hoping the move will help the nation's second-biggest electronics retailer survive.

The company said it made the filing because it was facing pressure from vendors who threatened to withhold products during the holiday period. The company also said it cut 700 more jobs at its headquarters, after announcing a week ago that it would close 20 percent of its stores and lay off thousands of workers.

Circuit City filed for Chapter 11 protection, which will allow it to keep operating while it develops a reorganization plan. Its Canadian operations also filed for similar protection.

In court documents, Chief Financial Officer Bruce H. Besanko cited three factors: erosion of vendor confidence, decreased liquidity and the global economic crisis.

“;Without immediate relief, the company is concerned that it will not receive goods for Black Friday and the upcoming holiday season, which could cause irreparable harm to the company and its stakeholders,”; Besanko said in the filing.

Circuit City's only Hawaii store, which is at Pearlridge, will remain open, according to Bill Cimino, director of corporate communications for Circuit City. “;No job cuts have been announced at this time,”; he said.

Circuit City customers in Hawaii should see no discernible difference in their shopping experience, Cimino said. “;We are still accepting gift cards, taking payments and returns and our warranties ... continue to be honored.”;

Shares in Richmond, Va.-based Circuit City fell 15 cents, or 60 percent, to 10 cents yesterday before being halted.

Circuit City, which has had only one profitable quarter in the past year, has faced significant declines in traffic and heightened competition from rival Best Buy Co. and others. The company laid off about 3,400 retail employees last year and replaced them with lower-paid workers.

Circuit City's struggles have intensified as consumers spend less and credit has become tighter.

But Circuit City could re-emerge from bankruptcy, Stifel Nicolaus & Co. analyst David Schick said in a note to investors.

The company's biggest creditors are its vendors: Hewlett-Packard has a $118.8 million claim followed by Samsung ($115.9 million), Sony ($60 million), Zenith ($41.2 million) and Toshiba ($17.9 million).